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Articles by Leonie Tear
Modernising And Internationalising Bermuda’s Banking Sector
KEY TAKEAWAYS The BMA is considering eight banking models across two groups: wholesale models comprising depositary and custodian banks, merchant and investment banks, brokerages and broker-dealers, digital asset banks and international agent and representative banks; and domestic retail and commercial models comprising mutual societies, mortgage corporations and finance companies and national or post office savings and development banks.
Updates To The Beneficial Ownership Reporting Regime
W Walkers More We are a leading international law and professional services firm providing legal, corporate and fiduciary services to global corporations, financial institutions, capital market participants and investment fund managers. With a global presence spanning the Americas, Europe, the Middle East and Asia, we advise on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
Modernising and internationalising Bermuda's banking sector | JD Supra
Key Takeaways The BMA is considering eight banking models across two groups: wholesale models comprising depositary and custodian banks, merchant and investment banks, brokerages and broker-dealers, digital asset banks and international agent and representative banks; and domestic retail and commercial models comprising mutual societies, mortgage corporations and finance companies and national or post office savings and development banks.
BMA Consults On AI Guidance For Bermuda's Financial Services Sector
W Walkers More We are a leading international law and professional services firm providing legal, corporate and fiduciary services to global corporations, financial institutions, capital market participants and investment fund managers. With a global presence spanning the Americas, Europe, the Middle East and Asia, we advise on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
BMA consults on AI guidance for Bermuda financial services sector | JD Supra
The BMA proposes a principles-based Guidance Note clarifying how existing regulatory frameworks apply to AI use by regulated entities. The BMA has not proposed any new AI-specific legislation, licensing regime or pre-approval requirements.
Corporate Income Tax Amendment Act 2026
W Walkers More We are a leading international law and professional services firm providing legal, corporate and fiduciary services to global corporations, financial institutions, capital market participants and investment fund managers. With a global presence spanning the Americas, Europe, the Middle East and Asia, we advise on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
Regulatory update on the beneficial ownership reporting regime in Bermuda
Key takeaways The Registrar of Companies has released draft Beneficial Ownership Regulations and Guidance Notes in support of the Beneficial Ownership Act 2025. The Act, Regulations and Guidance Notes, along with proposed exemption orders, are due to be finalised and released in July 2026. Enforcement is to commence in August 2026. The beneficial ownership regime will require legal entities in Bermuda to identify and verify all beneficial owners who will be registered on a centrally held register.
The Offshore Hub For Prediction Markets
Leonie Tear’s articles from Walkers are most popular: in North America Key takeaways Bermuda has taken early steps among offshore markets to regulate and license a crypto-based prediction market. The rise of prediction markets is inevitable, obtaining clarity over the regulatory treatment of the event contracts traded on such markets is paramount.
Bermuda - The offshore hub for prediction markets
Key Takeaways Bermuda has taken early steps among offshore markets to regulate and license a crypto-based prediction market. The rise of prediction markets is inevitable, obtaining clarity over the regulatory treatment of the event contracts traded on such markets is paramount. Bermuda has shone a torch on the path forward, by licensing the company as a digital asset business derivative exchange provider, it recognises that event contracts are derivatives, not bets or wagers.
Bermuda's CITA Issues Notices To Undertake Independent CRS Compliance Reviews
Leonie Tear’s articles from Walkers are most popular: in North America Walkers are most popular: within Real Estate and Construction topic(s) On 13 March 2026, Bermuda's Minister of Finance designated Bermuda's Corporate Income Tax Agency (CITA) as the 'competent authority' under the International Cooperation (Tax Information Exchange Agreements) Act 2005 and the U.S.A.–Bermuda Tax Convention Act 1986.
Bermuda CITA issues notices to undertake independent CRS compliance reviews
April 10, 2026 Joshua Bradbury, Leonie Tear, Benjamin Twidle Walkers + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: [View source.] Send Print Report DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.
Understanding Bermuda's proposed Payment Services Act: Licensing framework and next steps | JD Supra
Key Takeaways A proposed new Payment Services Act will replace the Money Service Business Act 2016, introducing a tiered risk-based licensing framework and three activity categories: digital facility providers, payment-handling providers and payment technology providers. Stablecoin issuers can choose licensing under the PSA or DABA. The BMA plans to launch an AI Payments Hub for testing AI-driven payment models and introduce new licence classes for wholesale and cross-border payment services.
Understanding Bermuda's Proposed Payment Services Act: Licensing Framework And Next Steps
Leonie Tear’s articles from Walkers are most popular: in North America in North America Walkers are most popular: within Criminal Law topic(s) Key Takeaways A proposed new Payment Services Act will replace the Money Service Business Act 2016, introducing a tiered risk-based licensing framework and three activity categories: digital facility providers, payment-handling providers and payment technology providers. Stablecoin issuers can choose licensing under the PSA or DABA.
Bermuda's Beneficial Ownership Act 2025: Enhancing Clarity, Compliance And Confidence
Leonie Tear’s articles from Walkers are most popular: in North America Walkers are most popular: within Intellectual Property, Criminal Law and Technology topic(s) Key takeaways It is anticipated that the BOA, along with related regulations and guidance, will come into force on 3 November 2025.
Bermuda’s Beneficial Ownership Act 2025: Enhancing clarity, compliance and confidence | JD Supra
Key takeaways It is anticipated that the BOA, along with related regulations and guidance, will come into force on 3 November 2025.
Navigating The Compliance And Regulatory Challenges Defining Digital Assets
Key Takeaways Regulatory compliance for digital assets can vary across jurisdictions, affecting licensing, product launch speed and the viability of certain business models. Product classification is critical; digital assets, stablecoins and tokenised securities can be treated differently between jurisdictions, impacting regulatory requirements. Anti-money laundering obligations and practical guidance are top concerns for institutions entering or expanding into the digital assets space.
Navigating the compliance and regulatory challenges defining digital assets | JD Supra
Key Takeaways Regulatory compliance for digital assets can vary across jurisdictions, affecting licensing, product launch speed and the viability of certain business models. Product classification is critical; digital assets, stablecoins and tokenised securities can be treated differently between jurisdictions, impacting regulatory requirements. Anti-money laundering obligations and practical guidance are top concerns for institutions entering or expanding into the digital assets space.
Understanding The Updates In Bermuda's New Licensing Regime For Digital Identity Service Providers
W Walkers More Walkers is a leading international law firm which advises on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey. From our 10 offices, we provide legal, corporate and fiduciary services to global corporations, financial institutions, capital markets participants and investment fund managers.
Understanding the updates in Bermuda's new licensing regime for digital identity service providers
• Bermuda's proposed new licensing regime for digital identity service providers (DISPs) has been further refined and updated, with five licensable activities reduced to two. • The development of the DISP regime commenced with public consultation issued in November 2024, which sought stakeholder input on the concept and potential direction of the framework.
Navigating Bermuda's new Trade Marks Act: What you need to know
• Bermuda's new trade mark legislation has come largely into effect, significantly modernising Bermuda's existing trade mark laws. • The law introduces a new broader definition of "trade mark", providing scope for a wider coverage meaning we expect to see an increase in applications. • A trade mark can consist of words (including personal names), designs, letters, numerals, colours, sounds or the shape of goods or their packaging.
The BMA Invites Feedback On Proposed Payment Services Provider Regulatory Framework
W Walkers More Walkers is a leading international law firm which advises on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey. From our 10 offices, we provide legal, corporate and fiduciary services to global corporations, financial institutions, capital markets participants and investment fund managers. With payments becoming increasingly digital and complex, the BMA is moving to update Bermuda's regulatory framework.
The BMA invites feedback on proposed Payment Services Provider regulatory framework | JD Supra
Key Takeways The Bermuda Monetary Authority ("BMA") proposes a new Payments Services Act ("PSA") to replace the Money Service Business Act 2016 to establish a clear, risk-based framework for Payment Service Providers ("PSPs") operating in or from Bermuda. The PSA introduces a new tiered licensing regime and will apply to Digital Wallet Providers, Payment Handling Providers, or Payment Technology Providers.
What you need to know about Bermuda new Digital Identity Service Provider Regime | JD Supra
Key Takeaways A new licensing regime for digital identity service providers is to be introduced in Bermuda. The new licensing regime should pave the way for a smoother CDD journey for consumers, without compromising Bermuda's high AML/ATF standards. The tiered licensing regime will be mandatory for businesses that provide digital identity services. The key role for DISPs is in the onboarding journey for consumers in financial services.
A Comprehensive Guide To Obtaining Regulatory Approval For Long-Term Block Reinsurance In Bermuda
W Walkers More Walkers is a leading international law firm which advises on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey. From our 10 offices, we provide legal, corporate and fiduciary services to global corporations, financial institutions, capital markets participants and investment fund managers.
The BMA Invites Proposals To Test Embedded Supervision In DeFi
W Walkers More Walkers is a leading international law firm which advises on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey. From our 10 offices, we provide legal, corporate and fiduciary services to global corporations, financial institutions, capital markets participants and investment fund managers. Embedded supervision refers to automated monitoring of compliance with a regulatory framework by a decentralised finance ("DeFi") platform.
A Comprehensive Guide To The BMA's Proposed New Operational Resilience And Outsourcing Code
In response to the increasing interconnectedness of financial service providers across global networks, the BMA is proposing to implement a new Operational Resilience and Outsourcing Code for regulated entities across all sectors to enhance their ability to effectively respond to operational disruptions. Specific focus is on promoting a 'resilience by design' mentality within organisations where resilience is embedded throughout all operational levels.
A comprehensive guide to the BMA's proposed new Operational Resilience and Outsourcing Code | JD Supra
The Bermuda Monetary Authority (the 'BMA') has issued a consultation paper on a proposed new Operational Resilience and Outsourcing Code (the 'Code'). The BMA is seeking feedback on the extensive proposals by the close of business on 14 March 2025. Scope The Code will apply to all BMA-regulated financial institutions ('Relevant Entities').
Exploring Bermuda's Insurance Group Supervision Framework
Key takeaways The Bermuda Monetary Authority has released a consultation paper introducing mandatory group supervision by the Authority where an insurance group's ultimate parent company is in Bermuda. The proposals include the introduction of "designated insurance holding company" to replace the current roles and responsibilities attributed to the "designated insurer." A minimum set of powers will be granted to the Authority over designated insurance holding companies.
Bermuda iterates on its digital assets business supervisory framework | JD Supra
Bermuda's sole financial services regulator, the Bermuda Monetary Authority (the "BMA") has issued a consultation paper on proposed changes to its landmark digital assets licensing legislation, the Digital Assets Business Act, 2028 (as amended) ("DABA").
Bermuda Iterates On Its Digital Assets Business Supervisory Framework
Key takeaways In response to an ever increasing array of business models and attendant risks in the digital assets sector, the BMA is proposing amendments to enhance its supervisory framework for licensed entities. Specific focus is on those who exercise 'control' over client assets but who do not offer custodial wallet services. The BMA is seeking feedback on its proposals to the DABA Act by 6 December 2024.
FinTech 2024: Bermuda Chapter
Since the announcement of its Fintech strategy in November 2017, the Bermuda government has positioned Bermuda as a market-leading jurisdiction with respect to Fintech, with a view to Bermuda operating as an innovation hub for businesses seeking to conduct operations utilising new technologies or to deploy new technologies to provide services and solutions for other business sectors.
Bermuda Corporate Income Tax: Considerations For Captive Insurers
W Walkers More Walkers is a leading international law firm which advises on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey. From our 10 offices, we provide legal, corporate and fiduciary services to global corporations, financial institutions, capital markets participants and investment fund managers.
Personal Information Protection Act deep dive | JD Supra
Key Takeaways The Personal Information Protection Act ("PIPA") comes into full force on 1 January 2025. All organisations in Bermuda are expected to be in compliance with it by that date – time is running out! The Privacy Commissioner has released the Q3 checklist for PIPA readiness, in this advisory we set out practical tips to help our clients implement the required steps. Beware the "global policy". A carefully tailored Bermuda-specific programme is a must.
Pitfalls exposed: Unlicensed crypto exchange, JPEX, receives first public warning from SFC under new HK licensing regime
Just three months. That’s how long it took for the Securities and Futures Commission (SFC) to use new powers to publicly name and shame a virtual asset (VA) exchange. Known as “JPEX” , the unlicensed crypto exchange was warned about potential breaches of the licensing regime that commenced on 1 June 2023. The warning accuses JPEX of committing the criminal offence of actively marketing its products and services to the Hong Kong public without a licence.
Hong Kong’s new financial crime tool
Fraud is one of the thorniest problems for banks and their customers globally, with billions of dollars of leakage to opportunists, criminal syndicates and thieves. The Hong Kong Monetary Authority (HKMA) has recently announced Hong Kong’s newest institutional financial crime tool – FINEST: The initiative was launched in collaboration with the Hong Kong Police Force (HKPF) and The Hong Kong Association of Banks (HKAB). King & Wood Mallesons was delighted to serve as legal advisor on the project.
Carbon trading is booming globally - what is it and how does it work?
The role of carbon markets is expected to increase rapidly in the coming years as nations continue to focus on sustainable economic development and drive towards a net zero economy. Understanding how they work and the role they can play is critical. Carbon trading has developed dramatically since the landmark Kyoto Protocol in the 1990s saw nations worldwide commit to cutting carbon.
AMLO Bill passed - Key things to know about the new virtual asset regime and other AML/CTF developments
The Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (“Bill”) has been passed by the Legislative Council on 7 December 2022. The passage of the Bill brings into law changes to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (“AMLO”) to give effect to Hong Kong’s new virtual asset licensing regime (“VASP Licensing Regime”).
SFC guidance on enhanced disclosures for ESG funds
The Securities and Futures Commission (“SFC”) has recently issued a circular to provide guidance on its expectations on enhanced disclosure for environmental, social and governance (“ESG”) funds. The new guidance covers the following: This alert summarises the new guidance, which supersedes a 2019 SFC circular on the same topic (“2019 Circular”).[1] Why has the circular been issued? The number of ESG linked funds offered to the public in Hong Kong has more than doubled since 2019.
ESG and sustainable investment in Hong Kong | Lexology
2021 is the year in which all businesses need to develop a plan for their migration to a carbon-neutral future. Cutting through all the jargon, the message is simple: measure, reduce and offset greenhouse gas (GHG) emissions. In this article, we elaborate on the importance of having an ESG policy in place and how sustainability is impacting investment strategy in Hong Kong.
Update on U.S. sanctions against Communist Chinese Military Companies and the implications for Hong Kong’s securities market | Lexology
This alert updates and supersedes our previous alert on this topic. On 12 November 2020, the President of the United States issued Executive Order 13959 (“EO13959”) which prohibits certain transactions in securities linked to what EO13959 describes as “Communist Chinese Military Companies” (“CCMCs”). EO13959 has caused significant market uncertainty.
New AML/CTF rules for money lenders in Hong Kong | Lexology
Hong Kong continues to keep up the pace on anti-money laundering and counter-terrorist financing (“AML/CTF”) reforms in 2018. The Companies Registry (“CR”) has become the latest Hong Kong Government Body to issue an AML/CTF industry guideline. The new “Guideline on Compliance of Anti-Money Laundering and Counter-Terrorist Financing Requirements for Licensed Money Lenders” (“Guideline”) was published on 21 September 2018 and came into force with immediate effect.
Latest SFC inspection findings on AML/CTF systems and controls: a warning shot to the industry | Lexology
The Securities and Futures Commission (“SFC”) issued a robust circular on 31 August 2018 in relation to the adequacy of licensed corporations’ (“LCs”) Anti-Money Laundering and Counter Financing of Terrorism (“AML/CFT”) controls. The circular followed thematic visits to 13 LCs where the AML/CFT controls were tested and found wanting.
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